Forensic Analysis · General / Diversified · as of Aug 11, 2026
Ha Sustainable Infrastructure Capital, Inc. (HASI)
A forensic read on Ha Sustainable Infrastructure Capital, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Clean
Earnings quality
6
Forensic signals
87.3
P / E (ttm)
6.9%
ROE
$5.2B
Market cap
4.45%
Dividend yield
4.4%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Ha Sustainable Infrastructure Capital, Inc. earns a D (Weak — demands caution) forensic quality grade. 6 forensic signals were flagged in its latest SEC filings, led by cash conversion.
What the filings flag
0.51×
FY2023–FY2025
Cash conversion.Over FY2023–FY2025, operating cash flow was 0.51× cumulative net income. Reported profit is not turning into cash. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.
6.2%
FY2025
Return on invested capital.Return on invested capital is 6.2% in the latest fiscal year and steady — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
+15.1%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +53% over the last 3 years to FY2025 (+15.1%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~15.1% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~34%.
125% of OCF
FY2025
Shareholder returns.Returned $210M to shareholders (buybacks + dividends) in FY2025 — 125% of operating cash flow. Capex isn't disclosed for FY2025, so this is the ceiling on coverage, not the free-cash-flow payout; returns exceed even operating cash, so the extra is coming from debt or reserves.
+12.3%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +12.3% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The cash-flow cross-check is more mixed: reported earnings ran in line with operating cash by 0% of net operating assets, diverging from the balance-sheet accrual read.
Key fundamentals
Latest Revenue$400.5M
Revenue Growth YoY+4.4%
Revenue CAGR (3yr)+18.7%
Net Margin46.1%
Return on Equity6.9%
Debt / Equity1.39x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Ha Sustainable Infrastructure Capital, Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.
7% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 7% of revenue in FY2025 — about $0.22 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count, and there it has run at about 15.3% a year and is falling.
Ha Sustainable Infrastructure Capital, Inc. (HASI) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy